quantity. The economic order quantity is the number of units that will minimize the total annual costs of both ordering and storing inventory. Example of Cost to Store Inventory A company estimated its annual cost to...
quantity. The economic order quantity is the number of units that will minimize the total annual costs of both ordering and storing inventory. Example of Cost to Store Inventory A company estimated its annual cost to...
balance. ACCUMULATED MDAUCCUALET Unscramble ACCUMULATED LACUDMAUTEC Unscramble 15. The Retained Earnings account will be reduced with a __________ entry. DEBIT BDIET Unscramble DEBIT BTIDE Unscramble 16. ______________...
the __________ accrual basis of accounting. 4. Corporations whose stock is publicly traded must have their financial statements __________ audited by independent certified public accountants. 5. The U.S. government...
with a selling price of $12 a unit. SalesMax sends GoodCorp an invoice listing the items, the date shipped of June 15, and payment terms of 2/10, net 30. When GoodCorp receives the 100 units of product, it...
margin from scarce resources is known as __________ programming. 14. One of the benefits of the Program and Evaluation Review Technique (PERT) is the identification of the __________ path. 15. The __________ curve...
, perhaps on the 20th day of the month (for electricity used through the 15th day of the month). The cost of the electricity used during the last half of the month must get into the accounting records through an...
at an extremely high volume or low volume, a change will likely occur. Examples of Fixed Expenses Let’s assume that a retailer’s monthly rent is $2,000. If the rent will remain at $2,000 whether the monthly sales...
underabsorbed the fixed overhead by $15,000 ($985,000 absorbed – $1,000,000 of actual costs). Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping...
Unscramble 15. Paid-in capital is one section of ________________' equity. STOCKHOLDERS TODESLKHCSRO Unscramble STOCKHOLDERS TCKDOSLSREHO Unscramble 16. The amounts to calculate the debt to equity ratio are found...
works as hard, but instead of a salary, draws $80,000 for personal use. The regular corporation pays a $10,000 cash dividend and its income tax rate is 15%. The income statement of the sole proprietorship will report...
sheet date. The principal portion of those monthly payments (not the interest portion since the interest is not yet a liability) is reported on the balance sheet. It is possible that a mortgage principal balance of...
Liabilities or Accrued Expenses Payable. The expense will reduce the corporation's net income, which in turn will reduce retained earnings (a component of stockholders' equity). 15. On December 1, a company...
Since our Explanation of Cash Flow Statement illustrates how the amounts are determined, you will get a better understanding of this very important financial statement. No longer will you look at only the income...
and $15,600 $78,000 and $17,600 $88,000 and $15,600 $88,000 and $17,600 View Coaching This question is a continuation of Question 4. In this question, you are asked to first calculate the equipment's book value...
at $95,000 and ended at $105,000. The accounts receivable turnover ratio for the year was ______ times. Select... 8 10 12 15 View Coaching Let's refer to the receivables turnover ratio as RTR. RTR = net credit...
Accounts Receivable and Bad Debts Expense(Quick Test #3 with Coaching) Download PDF This Quick Test with Coaching includes a “View Coaching” button to the right of each answer box. If you choose to click the button,...
is __________%. 14. Under the double-declining-balance method, the depreciation calculation for an asset having a 10-year useful life is __________% times the asset’s __________ value at the beginning of each year....
False 15. The objective of depreciation expense on the financial statements is to allocate the cost of an asset to the accounting periods in which it is used, rather than to provide a current value of the asset....
14. The current ratio and the quick ratio are indicators of a company's ___________. LIQUIDITY QULYIITID Unscramble LIQUIDITY TYLIIDQIU Unscramble 15. The profit margin ratio and the return on assets are indicators...
. DISCONTINUED NOUDISDETCIN Unscramble DISCONTINUED NDDOSUNEITCI Unscramble 15. If a corporation sells a plant asset for less than its ___________ value, the difference will be reported as a loss on the income statement....
balance of $1,700. There are $600 of deposits in transit and $2,100 of checks outstanding. The adjusted balance per the bank statement is $__________. 15. A company’s Cash account has a balance of $830 before it is...
is a general description of __________ earnings. RETAINED DIETAENR Unscramble RETAINED ERIDNTEA Unscramble 15. A distribution of a part of a corporation's earnings to its stockholders. DIVIDEND EDDDVINI Unscramble...
will be classified as net assets __________ donor restrictions. With Right! Without Wrong. 15. A nonprofit organization's assets that have been designated by its board of directors for a specific project should be...
Unscramble HISTORICAL RSTCAIIOHL Unscramble 4. __________ practices allows the format of a public utility's balance sheet to be different from that of a manufacturer. INDUSTRY TDUIYSNR Unscramble INDUSTRY YIRNDTSU...
to an annual percentage rate closest to __________. 2% Wrong. 24% Wrong. 36% Right! [(20 days early and 2%) both x 18 = 360 days and 36%] 72% Wrong. 15. The Internal Revenue Service form to be issued for amounts paid to...
is ______________ Depreciation. ACCUMULATED LUACUCADETM Unscramble ACCUMULATED LDCAAUUCEMT Unscramble 15. One purpose of adjusting entries is to report revenues in the accounting period in which they are __________....
overhead will likely result in too ___________ costs for low volume products. Little Right! Much Wrong. 15. The salary of the president of a manufacturer is part of the manufacturing overhead costs. True Wrong. False...
. The entry to Accumulated Depreciation to remove the depreciation associated with a machine that was scrapped. Select... Debit Credit 14. The entry to Accounts Receivable when a customer’s account is collected....
account is likely to be reported as miscellaneous __________. Select... expense income 14. The check written to replenish the imprest petty cash fund will credit which account? Select... Cash Owner's Drawing Petty...
YTEPT Unscramble PETTY EYPTT Unscramble 13. Inventory is reported as a __________ asset. CURRENT UCRNRTE Unscramble CURRENT ECRTURN Unscramble 14. One section of stockholders' equity is paid-in or contributed...
processed because it is not saleable at the split-off point, which of the following would be more logical for allocating the joint costs? Select... Net realizable value at the split-off point Sales value after...
AACULRC Unscramble 15. Company A purchased goods on account (on credit) from Company B. Until the amount is paid, Company B has what type of claim against Company A? UNSECURED CDRNESUUE Unscramble UNSECURED UNEUCREDS...
employment agency service to provide workers from December 15 to December 29. The temp agency will bill the retailer on January 6 and the retailer is required to pay the invoice by January 10. Assuming the retailer’s...
invoice is the three-way __________. 14. Which document from a supplier is the better choice for processing and making a payment? Select... Invoice Statement 15. When a company processes a credit memo from one of its...
to as a __________ inventory. 14. Mary’s Crafts has $2,000 of goods on consignment at Smith’s Pharmacy at December 31. Who should report the goods as inventory at December 31? Select... Mary's Crafts...
the number of units of product as well as dollar amounts. Select... True False 13. A __________ budget is the better measure of a department’s efficiency. Select... flexible static 14. The cash budget is referred to...
. In the calculation of the return on assets, the numerator is __________ __________. Select... gross profit net income net sales 14. The times interest earned ratio refers to a company’s interest __________. Select......
variable 15. In the cost equation y = a + bx, “a” is the __________. Select... dependent variable fixed cost independent variable 16. When graphing a cost that is linear, the amount of the fixed cost is the point...
will be __________ __________ __________ the balance per books. Select... an addition to a deduction from 15. Outstanding checks may explain why a company’s book balance is __________ than the balance shown on its...
! Credit Wrong. 15. Which term is associated with "right" or "right-side"? Debit Wrong. Credit Right! 16. When cash is received, the account Cash will be __________. Debited Right! Credited Wrong. 17....
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